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Talent, a local HR consulting firm, has total partners' equity of $776,000, which is made up of Hall, Capital, $608,000, and Reynolds, Capital, $168,000.

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Talent, a local HR consulting firm, has total partners' equity of $776,000, which is made up of Hall, Capital, $608,000, and Reynolds, Capital, $168,000. The partners share profit/(losses) in a ratio of 75% to Hall and 25% to Reynolds. On July 1, Morris is admitted to the partnership and given a 20% interest in equity. Required: Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of: a. $194,000 View transaction list Journal entry worksheet Record the admission of Morris. Note: Enter debits before credits. Date July 01 General Journal Debit Credit

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